Beechcraft boosts Textron’s revenues
Textron Aviation, which includes Beechcraft and Cessna, increased its revenues by $1.78 billion to total $4.6 billion in 2014, when compared with the previous year. Revenues in the fourth quarter were up $597 million to total $1.52 billion.
Beechcraft, which was acquired by Textron Aviation in March 2014, contributed $556 million to the increase in revenues. Textron accrued restructuring costs of around $13 million in the fourth quarter as a result of the acquisition and $52 million over the course of the year.
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Cessna delivered 55 new business jets in the final quarter of the year, down from 62 jets in the previous year, while Beechcraft delivered 41 King Air turboprops. Both manufacturers started 2015 with a combined backlog worth $1.4 billion.
“Overall, we had a strong fourth quarter, with double digit revenue growth at Textron Aviation, Textron Systems and Industrial,” said Scott Donnelly, chairman and CEO of Textron.
“Operationally, we achieved year-over-year margin improvement in the quarter at Textron Aviation, Bell and Industrial and solid cash generation across all of our businesses.”